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US Dollar Technical Analysis: Testing Trend-Defining Support

US Dollar Technical Analysis: Testing Trend-Defining Support

2015-08-18 02:17:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar continues to stall at trend line support guiding the move higher since early May. A daily close below 11968 (trend line, 23.6% Fibonacci retracement) exposes the 38.2% level at 11904. Alternatively, a push above the 12043-50 area (June 1 high, 23.6% Fib expansion) clears the way for a test of the 38.2% threshold at 12114.

Our long-term fundamental outlook calls for a broadly stronger US Dollar against its major currency counterparts. With that in mind, we are holding long via the Mirror Trader US Dollar currency basket.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

US Dollar Technical Analysis: Testing Trend-Defining Support

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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